How to Negotiate for Scholarships and Grants

Congratulations, you’ve been accepted to your top choice for business school! You’re excited and ready for the challenge. There’s just one hitch – the school hasn’t offered you the financial aid package that you were expecting. Well, now what?

Too many people particularly women do nothing and just accept an initial offer as final. Unfortunately, this may even cause some to decide against attending their dream school because the financial package isn’t sufficient. But before you rule out your dream school, consider this plan of attack:

1. Understand the Process

Most scholarships and grants offered for business school are merit-based, but that doesn’t mean stellar GMAT scores guarantee big dollars. Many schools use financial aid packages to attract candidates that are particularly strong due to a unique background, work experience that sets a candidate apart, or other factors. Every school has different criteria. Learn as much as you can about your school’s process to help you work within their parameters to seek out additional funds. Playing by their rules will ensure you don’t overstep your bounds in the process.

2. Funding May Still be Available

The majority of business schools and many will have some remaining financial aid dollars late in the admissions season. Remember that some of the candidates who were initially offered aid will decline enrollment leaving additional funds untapped. Just because you weren’t offered what you had hoped doesn’t mean the funding isn’t available or won’t become available later in the process. Stay on their radar and stay optimistic.

3. Negotiate Smartly

Asking your school for additional funding is a delicate process and you’ll want to plan accordingly.  You may want to contact the director of admissions or first speak with your existing contact in the admissions office. Ask questions, be honest, and be polite. If you’ve received financial aid from another school, be straightforward about your situation, but don’t try to play the schools off each other, that won’t make you any friends. Find an appropriate time for a meeting or a phone call to discuss your situation and be prepared to make your case.

4. Be Prepared to Justify your Concerns

It will help in your negotiations if you have put some thought into why you require additional aid. Every admitted student could use some extra cash and less student loan debt. While simple worries about debt may top the list, it helps to have something extra that’s causing your anxiety. This could include additional debt from your undergraduate years, past work experience that simply didn’t pay enough to allow you to save up for your education, or plans to work in a less financially lucrative filed post business school. Having concerns that set you apart from the pack will help in your negotiations.

5. Consider Other Sources

If in the end you realize you’re not going to get additional funding from your school, you’re not out of luck. Conduct research on outside organizations that could serve as a source of grants. You may also look into whether or not your school offers scholarships for second year students or a loan forgiveness program if you decide to go into the non-profit sector post b-school. Ultimately withhold making a decision until you have explored all of your options. A little extra research and some hard work may just ensure that you can afford your top choice business school after all.